HDFC Bank issued USD 750 million of five-year senior unsecured bonds on Tuesday through its Banking Unit at the Gujarat International Finance Tec-City International Financial Services Centre, the first deal by an Indian issuer under the Reserve Bank of India's new concessional swap facility for foreign borrowing. The transaction was disclosed to the stock exchanges on 16 June 2026.
STRUCTURE AND MATURITY PROFILE
The bonds carry a coupon of 5.067% a year, payable semi-annually from 24 December 2026, with allotment on 24 June 2026 and maturity on 24 June 2031, according to the bank’s filing.
Strong investor demand allowed HDFC Bank to price the bonds at 90 basis points over US Treasuries, tighter than initial guidance of 120 basis points, Reuters reported.
Bloomberg reported that HDFC Bank secured its tightest-ever spread on a dollar bond, and Reuters said it was the largest offshore bond deal by an Indian lender since 2023.
LISTING AND USE OF PROCEEDS
The bonds will be listed on the India International Exchange (India INX) and NSE IFSC, and HDFC Bank said the proceeds would be used for banking activities.